Mohawk Industries, Inc. boosted its first quarter operating earnings by 50 percent over a year ago as the floorcovering company capitalized on improved products and productivity and the January purchase of the Pergo ceramic tile business.
The Calhoun, Ga.-based floorcovering manufacturer said today its operating earnings in the first three months of the year rose to $61 million, or 87 cents per share, on sales of $1.5 billion. In the same period a year ago, Mohawk earned $40 million, or 58 cents per share, on sales of $1.4 billion.
Mohawk earnings, excluding extraordinary items, were 2 cents per share better than analysts forecasts. But the company missed the the average revenue estimate of $1.53 billion.
"Improvements in the U.S. market, product mix, productivity improvements, lower amortization and the Pergo acquisition all contributed to our results, offset by the negative impact of a slower European economy and one less day in the period compared to last year,” Mohawk CEO Jeff Lorberbaum said.
Net income in the first quarter totaled $50 million, or 72 cents per share.
Dave Flessner is the business editor for the Times Free Press. A journalist for 35 years, Dave has been business editor and projects editor for the Chattanooga Times Free Press, city editor for The Chattanooga Times, business and county reporter for the Chattanooga Times, correspondent for the Lansing State Journal and Ingham County News in Michigan, staff writer for the Hastings Daily Tribune in Nebraska, and news director for WCBN-FM in Michigan. Dave, a native ...